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Unpaid debts can cause you unnecessary stress in your life. In addition to this debts can ruin your life and put you in a lifetime cycle of financial stagnation. Most people who are in debt should find ways that they can get relief. One way to find debt relief is filing for bankruptcy. Filing for bankruptcy is a suitable way to save your life if you have overwhelming debts and you don’t have the resources to pay off the debt.
When you file for bankruptcy you get a fresh start and you also get another chance to manage your finances better. You have two options when you are finding for bankruptcy, you can either file for chapter 13 or chapter 7 subject to your financial situation. When you file for chapter 7 bankruptcy, then you get to discharge your debts by the liquidation of all your non-exempt assets, which includes automobiles and also real estate. The process is conducted through a bankruptcy trustee. The cash from the liquidation is then given to the owed creditors and this is how the debt will be offset within four to six months. On the other hand, chapter 13 gives the debtor a chance to pay off the debt within 3 to five years. This way you can keep your non-exempt assets and then recommend a plan that you will use to make the payment. This debt relief plan is most ideal for debtors that have a stable job but do not have a steady income.
Well, filing for bankruptcy is not an easy process. You need an expert to educate you on this complex process and how it will work in your favor. Depending on the form of personal bankruptcy that the lawyer advises or you choose you to need to consider the services of a qualified attorney. Filing for bankruptcy is not a DIY project. Choosing a qualified bankruptcy attorney is a great idea so that they can advise you accordingly and make the process easy for you. It is important to understand the many advantages of hiring a bankruptcy attorney.
First, an attorney will give you peace of mind. Being bankrupt is hard enough, hiring an attorney is one of the best ways of ensuring that the process will be easy and that everything will be handled professionally. A bankruptcy attorney gives you freedom from creditors’ harassment. As long as you owe creditors, most time you may never have a good night’s sleep, however, when you file for bankruptcy your lawyer will engage the creditors on your behalf for the debt discharge process. The bankruptcy attorney will take over the debt relief process, therefore, giving you more time to pay back the pending bills.
Hiring a qualified bankruptcy attorney is the best way to start the process of building your finances. Going to courts may not offer you the much-needed relief, however hiring an attorney a good plan to get the debt relief. Bankruptcy lawyers also know the law, and there they will follow the best guidelines when filing your case.